NEW DELHI: India-based cryptocurrency platform WazirX has courted huge controversy, first after Enforcement Directorate (ED) raids on its parent company Zanmai Lab and then world's largest crypto exchange Finance completely disowning the Nischal Shetty-run platform.

The Company "does not own any equity in Zanmai Labs, the entity operating WazirX and created by the original founders," according to Binance founder and CEO Changpeng Zhao in a late-Friday tweet thread.

On 21 Nov 2019, Binance published a blog post that it had 'acquired' WazirX. This deal was never finalised. At any point in time, Binance has never owned any shares of Zanmai Labs, the company that runs WazirX "Zhao disputed.
The CEO of Binance said that new allegations regarding WazirX's operations and Zanmai Labs' management of the platform had Binance extremely concerned.

"Worldwide, Binance works with law enforcement organisations. Any opportunity to collaborate with ED would make us pleased " he Tweeted.

The director of the cryptocurrency WazirX was searched by the ED on Friday, and its bank assets worth Rs 64.67 billion were frozen. This was done "for helping accused fast lending app companies in laundering of fraud money through acquisition and transfer of virtual crypto assets."  Zhao claimed that as a technical solution, Binance exclusively offers WazirX wallet services.

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